Project Overview

The FPSO Bacalhau will be one of the largest FPSO (floating production, storage, and offloading) vessels ever delivered to Brazil. The giant FPSO vessel features a high-capacity topside modules designed to produce up to 220,000 barrels of crude oil per day. Also, it will process and inject 530 million standard cubic feet of associated gas per day and inject 200,000 barrels of seawater per day. 

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The vessel is currently under construction with an estimated total project cost of USD 8 billion and is expected to commence production in 2025. MODEC is developing the FPSO project for the Bacalhau oil field in the Santos Basin. The operations and maintenance (O&M) of the vessel will be carried out by MODEC in the first year, with Equinor ASA taking over operations until the license period ends in 2053. 

FPSO Bacalhau location

The FPSO Bacalhau will be deployed at the Bacalhau field (formerly Carcará), situated in the BM-S-8 and Carcará North blocks within the vast pre-salt region of the Santos Basin, approximately 185 km off the coast of Ilhabela, São Paulo, Brazil.

Project Background

The Bacalhau oil field is jointly owned by Equinor (40%, operator), ExxonMobil (40%), Petrogal Brasil (20%) and Pré-Sal Petróleo S.A (PPSA contract manager for PSA) with Equinor acquiring operatorship in 2016. 

Located in ultra deep waters exceeding 2,000 meters, Bacalhau presents significant technical challenges. Its carbonate reservoir is complex, with pressures reaching 900 bar. The field holds an estimated one billion barrels of recoverable reserves in Phase 1. 

Bacalhau FPSO is the first pre-salt project in Brazil to be fully developed by an international operator and the ninth FPSO to be deployed in the giant pre salt region. The field contains high-quality light oil with an API gravity of approximately 31° and low sulfur content, making it a valuable resource for the global oil and gas market.

FPSO Bacalhau is a key component of the field’s Phase 1 development, which received a final investment decision (FID) in June 2021. The development includes 19 production and injection wells, as well as the installation of 130 km of flowlines and rigid risers, along with 35 km of umbilicals. 

The construction of the hull took place at the Dalian Shipbuilding Industry Co. (DSIC) shipyard in China. Larger topside construction took place in Laem Chabang while integration with the FPSO hull was completed in Singapore.

In July 2024, the Brazil bound FPSO received Approval in Principle (AiP) for DNV Abate Notation from classification society DNV, making it the world’s first new-built FPSO to achieve this certification, recognizing its low-emission operational design. 

Project Timeline

Design and Engineering Details

The Bacalhau FPSO project developed by MODEC, features the M350 Hull, a full double-hull design that provides enhanced storage capacity, structural integrity, and extended service life. The FPSO, measuring 364 meters long and 64 meters wide, has a production capacity of 220,000 barrels of oil per day, surpassing the storage capabilities of conventional VLCC tankers. The FPSO will process and inject 530 million metric standard cubic feet of associated gas per day and 200,000 barrels of seawater per day. 

One of the world's largest FPSOs will be permanently moored using a SOFEC spread mooring system, while stabilized crude oil will be transported via shuttle tankers. The Combined Cycle Power Generation System of FPSO Bacalhau reduces CO₂ emissions by about 110K tons/year. This is about 3 million tons over the field's lifetime, and the oil field is expected to have a CO₂ intensity lower than 9 kg/barrel.

Project Cost

The estimated project cost of Bacalhau FPSO is USD 8 billion.

Contractors Involved

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Current Status of FPSO Bacalhau

The FPSO Bacalhau project is currently under construction and is scheduled to begin operations in May 2025 at the Bacalhau oil field in the Santos Basin, Brazil. A major milestone was achieved on October 21, 2024, when the FPSO Bacalhau was officially named during a ceremony at Seatrium’s Tuas Boulevard Yard by Veronica Coelho, President and Country Manager of Equinor Brazil.

Future Prospects

The second phase of the Bacalhau project is expected to start in 2032, with gas flow planned for 2037. A study by Aker Solutions confirmed the technical feasibility of tying back complementary wells to the same FPSO, potentially eliminating the need for a second unit. The development of the oil field includes 19 subsea wells that will be tied back to the Bacalhau FPSO.

The Brazilian authorities are expected to approve the request, provided that Equinor advances gas flow and water injection tests to reduce reservoir uncertainties and optimize production efficiency. If approved, this approach could significantly enhance the long-term sustainability of Bacalhau’s operations.

Summary

FPSO Bacalhau is a next-generation floating production storage vessel being developed for the Bacalhau oil field in Brazilian waters. Built by MODEC, the vessel features an M350 double hull design and will have a production capacity of 220,000 barrels of oil per day. It will be permanently moored using a SOFEC spread mooring system, and crude oil will be transported via shuttle tankers. 

FPSO Bacalhau project is set to begin offshore production in May 2025, with Equinor taking over operations after the first year. A planned Phase 2 expansion could extend production efficiency through a tie-back approach, potentially eliminating the need for a second FPSO.

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